Taiwan’s economy slated to grow 4.42% this year

March also marked the start of the new phase in Taiwan’s COVID-19 response

Nikkei Asia reported that Taiwan’s economy is expected to grow 4.42 percent this year. Earlier this year, it was projected at 4.15 percent. 

The Directorate General of Budget, Accounting, and Statistics stated that the growth will be driven by the stable demand for exports and increasing global demand for 5G, automotive electronics, and high-end computing.

According to DIGITIMES, 90 percent of new cars within the next decade will be fully equipped with Advanced Driver Assistance Systems (ADAS). This, in turn, will drive the demand for chips and sensors.

This trend will inevitably increase the value of semiconductors. And because Taiwan produces more than half of the world’s chips, this might propel the country’s enterprises to new heights.

OpenGov Asia explains that the goal of ADAS is to minimise human error. Its primary role is to prevent deaths and injuries caused by car accidents.

Artificial Intelligence (AI) is at the heart of ADAS, and combined with a slew of sensors and cameras, it can recognize and interpret objects in the same way as a human brain can. This allows the vehicle to react faster than any human driver.

More: Taiwan’s economy stays afloat thanks to strong exports

March also marked the start of the new phase in Taiwan’s COVID-19 response, as it is starting to ease restrictions domestically and internationally. The move will give greater consideration to economic factors, especially in the tourism sector.

Focus Taiwan shared that on 11 May 2021, Taiwan raised the COVID-19 alert to Level 2, then Level 3 on 19 May. On 27 July 2021, the alert was dropped to Level 2 again. It was renewed every two weeks until 28 February of this year. Some Level 3 precautions, such as the requirement to wear a face mask, were maintained.

The mask mandate eased last October but tightened again on 9 January after more than a dozen domestic cases, including the first locally acquired Omicron variant infection recorded in Taiwan beginning 3 January.

The Property Report editors wrote this article. For more information, email: [email protected].